Carlos Fernandes Chainlink (LINK) and Stellar (XLM) experienced significant gains on Thursday, each rising by approximately 20% in today’s trading session.
Chainlink’s rally was triggered by the release of its Chainlink Cross-Chain Interoperability Protocol (CCIP), which boosted trader confidence and propelled the token to its highest value since April.
After hitting a low of $6.88 on Wednesday, LINK/USD surged to an intraday peak of $8.32. This surge marked its strongest point since last April when the token reached an impressive high above $8.60. The relative strength index (RSI) confirmed the bullish sentiment, breaking out of its ceiling at 72.00 and currently standing at 73.03. If the index manages to surpass the upcoming resistance level at 77.00, LINK may surpass last Thursday’s peak.
Stellar (XLM) also witnessed a considerable surge during today’s session, rising by nearly 20%. XLM/USD reached a high of $0.1793, recovering from yesterday’s low of $0.1414. Similarly to Chainlink, this price surge pushed Stellar to its highest point since last Thursday, when it hit a 15-month high.
As a consequence of this gain, XLM is now overbought, and traders should be cautious about the current uptrend. The RSI currently stands at 71.87, approaching a resistance zone at the 73.00 mark. Investors may consider securing profits as price strength approaches this point.
Overall, both Stellar and Chainlink exhibited impressive gains on Thursday, with traders closely monitoring their performance in the coming days. If you wish to receive weekly price analysis updates for these tokens and more, you can register your email for the Weekly Technical Analysis Report. Feel free to share your thoughts on whether you think the Stellar bulls will extend the rally in the comments section.
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Frequently Asked Questions (FAQs) about crypto price surge
What caused the significant price surge in Chainlink (LINK) and Stellar (XLM) on Thursday?
The price surge in Chainlink (LINK) and Stellar (XLM) on Thursday was triggered by various factors. For Chainlink, the release of its Chainlink Cross-Chain Interoperability Protocol (CCIP) was a major catalyst. This announcement generated positive sentiment among traders, leading to a surge in demand and driving the price up by nearly 20%. As for Stellar, specific news or developments were not mentioned in the provided text. However, it is common for cryptocurrencies to experience price movements based on market sentiment, speculation, and overall market trends.
What were the intraday highs reached by Chainlink (LINK) and Stellar (XLM) during the price surge?
Chainlink (LINK) reached an intraday peak of $8.32 during the price surge on Thursday. This marked its highest level since last April, when the token hit a high above $8.60. On the other hand, Stellar (XLM) recorded an intraday high of $0.1793 during the same trading session. This high came after recovering from the previous day’s low of $0.1414 and represented Stellar’s highest point since the previous Thursday.
How did the Relative Strength Index (RSI) contribute to the price movements of Chainlink (LINK) and Stellar (XLM)?
For Chainlink, the RSI played a significant role in confirming the bullish sentiment during the price surge. The RSI broke out of its ceiling at 72.00, reaching a value of 73.03 at the time of writing. This indicated a strong uptrend in the token’s price and suggested the possibility of surpassing the previous week’s peak if the RSI managed to breach the upcoming resistance point of 77.00. For Stellar, the RSI also showed bullish signals, standing at 71.87 and approaching a resistance zone at the 73.00 mark. However, the text highlighted caution for investors as the token was considered overbought, potentially signaling an end to the current uptrend.
How can traders stay updated on the price analysis and performance of Chainlink (LINK) and Stellar (XLM)?
Traders interested in staying updated on the price analysis and performance of Chainlink (LINK) and Stellar (XLM) can register their email to receive the Weekly Technical Analysis Report. This report likely provides comprehensive insights into the price movements, technical indicators, and potential trading strategies for these cryptocurrencies. By staying informed with the weekly analysis, traders can make better-informed decisions in their trading activities.
More about crypto price surge
- Chainlink Cross-Chain Interoperability Protocol (CCIP) Announcement
- Chainlink (LINK) Price Chart
- Stellar (XLM) Price Chart
- Relative Strength Index (RSI) Explanation
- Weekly Technical Analysis Report Subscription
